Marriott Hotel Project is not controversial – PPP

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[www.inewsguyana.com] –The governing People’s Progressive Party (PPP) says it welcomes the release of information on the investors in the Marriott Hotel Project.

The Party believes that the Marriott is one of Guyana’s transformational projects that has received support from many quarters, including the Private Sector Commission (PSC) and the Tourism Association of Guyana (TAG). 

PPPThe PPP does not believe the project is a controversial one.

“The project has only been deemed controversial due to the few parties opposed to the project — the Pegasus Hotel owner who is known to be a key supporter of the AFC, certain leaders of the TUC that are strong supporters of APNU; the AFC and APNU and certain media outfits aligned to the opposition. Comments by these opposition groups have ranged from incitement to xenophobia.  References in various media outfits to “this controversial project” are referring to the controversy created by their own publication of positions of those few interests opposed to the project,” General Secretary, Clement Rohee told a news conference on Tuesday, May 27.

He added, “Additionally, the PPP welcomes the announcement by Republic Bank that the US$27M in debt financing for the project has been syndicated and close to completion.  The PPP also welcomes the announcement that an affiliated company of the majority investor will be providing additional financing for the outfitting of the entertainment complex (at least US$4M) and will be operating the entertainment complex and guaranteeing to AHI, returns projected in the HVS Feasibility Study.

“Finally, the quality of the investor is reflected in their substantial participation in a number of companies traded on the main board of the Hong Kong Stock Exchange, with one being valued at US$1B. It will be noted, that apart from the listed companies, the investors also have other substantial investments that are not listed.The PPP recognizes that the investor have been approved by Marriott and Republic Bank following completion of their due diligence.”

 

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